HOTEL & LEISURE ADVISORS

A hospitality consulting firm specializing in appraisals, feasibility studies, impact analyses, economic impact studies, and litigation support

for hotels, resorts, waterparks, conference centers, golf courses,

casinos, ski resorts and other leisure real estate

Hotel & Leisure Advisors is focused exclusively on the needs of our clients in hospitality and leisure real estate. Our passion for the hospitality industry and our commitment to excellence mean that we can provide solutions tailored to your needs.

David J. Sangree, MAI, CPA, ISHC, formed Hotel & Leisure Advisors in 2005 after more than twenty-five years in the hospitality and appraisal industry. H&LA has carved a niche in the hospitality market, won industry recognition and proven itself to be head and shoulders above the competition. H&LA offers:

Experience • All H&LA consultants have degrees in hospitality management • H&LA consultants have managed and operated hospitality properties, allowing that experience to inform our consulting analysis. • All consultants stay up-to-date through continuing education

Solid Track Record • The consultants have completed over 2,000 hotel and leisure studies in more than 47 states, several Canadian provinces, and the Caribbean • H&LA has completed studies for a wide range of property types including hotels, resorts, waterpark resorts, ski areas, golf courses, conference centers, casinos, sports complexes and restaurants • H&LA was ranked one of the top 10 hotel consulting firms in the U.S. by Hotel Management Magazine

Excellent Resources • H&LA maintains databases of over 1,000 financial statements from hotels, resorts, waterparks, amusement parks, golf courses, conference centers, casinos, and ski resorts throughout the US and Canada • H&LA has an extensive database of hospitality property sales that represents a wide range of property types and locations • H&LA has solid contacts with hotel franchise companies that provide information on performance, fees and new supply • H&LA consultants regularly utilize data from STR, CBRE Trends, ESRI, Site To Do Business, World Waterpark Association, National Golf Foundation, National Restaurant Association, National Ski Areas Association, International Association of Amusement Parks and Attractions, Meeting Planners International, Sports and Fitness Industry Associations and many other hospitality data sources

Thorough Research • H&LA carefully and thoroughly analyzes the local and regional hospitality and tourism industry for each project • Our consultants utilize regional economic information, census data, employment trends, tourism statistics, and other data to project a property’s future performance • H&LA gauges demand for a proposed property by interviewing potential corporate, group and leisure users

About H&LA

• Market and Financial Feasibility

Studies

• Appraisals, Tax Appeal Appraisals,

and Appraisal Reviews

• Economic Impact Studies

• Impact Analyses

• Management Company Analysis

• Operational Reviews

• Property Condition Assessments

• Litigation Support & Expert Witness

Testimony

• Site Analyses and Reviews

H&LA Services

H&LA consultants have successfully served more than 600 clients

H&LA Focus

Hotels & Resorts • Limited-Service Hotels • Select-Service Hotels • Full-Service Hotels • All Suite Hotels • Extended Stay Hotels • Resorts • Condominium Hotels • Timeshare Resorts • Spa Hotels

Golf Courses, Ski Resorts, & Sports Venues • Golf Courses • Golf Course Resorts • Country Clubs • Ski Resorts • Ski Areas • Youth Sports Complexes • Sports Venues

Indoor Waterpark Resorts, Waterparks, and Amusement Parks • Indoor Waterpark Resorts • Indoor Waterparks • Outdoor Waterparks • Amusement Parks

Conference, Convention & Exposition Centers • Conference Centers • Convention Centers • Exposition Centers • Arenas

Casinos • Stand-Alone Casinos • Casino Hotels

Restaurants • Restaurants in Hotels and Resorts • Stand-Alone Restaurants

States where consultants of H&LA have completed studies

Number ofProjects Completed

Over 75

21 - 75

1 - 20

None

www.hladvisors.com

Corporate Office14805 Detroit Avenue, Suite 420

Cleveland, Ohio 44107Phone: 216-228-7000

Fax: 216-228-7320

San Antonio OfficePhone/Fax: 210-319-5440

Developers & InvestorsAquatic Resorts & EntertainmentBedrock DetroitCNL Lifestyle CompanyChehalis Tribal EnterprisesDestinyUSAFelcor Lodging TrustFocus DevelopmentForest City EnterprisesHorizon Development Co.Jack EntertainmentKSL Capital PartnersNoble Investment GroupPioneer CompaniesSB FriedmanSilver CompaniesStark EnterprisesSunstone Hotel InvestorsWaveloch, Inc.

Hotel CompaniesBest Western InternationalBuffalo Lodging AssociatesCedar Fair, LPChoice HotelsCôte Family CompaniesDelaware North CompanyFocus HotelsGaylord EntertainmentGreat Wolf ResortsHo-Chunk GamingHost Hotels Hostmark HospitalityIntercontinental Hotel GroupKalahari ResortsLane HospitalityMarriott International

HOTEL & LEISURE ADVISORS

Publications

H&LA Clients

This is a select list of publications about the hospitality industry written by the consultants of Hotel & Leisure Advisors:

“Measuring the Economic Benefits of Tourism” Hotel News Now

“How Hoteliers can Handle a Minimum Wage Jump” Hotel News Now

“One Drop at a Time” World Waterpark Magazine

“Public-Private Partnership for Hotels” Hotel Online

“Winning the Stay to Play Game” Hotel News Now “Room Service More than a Revenue Generator?” Hotel News Now“Season Pass Price Positioning at Outdoor Waterparks” Aquatics International

“Renting as an Alternative to Hotel Land Acquisition” Lodging Hospitality

“Ten Largest Hotel Brands’ Average Sale Prices” Hotel News Now

“Relevance of a Feasibility Study for Indoor and Outdoor Waterpark Resorts” Waterpark Development and Expansion Guide

“Waterpark Resorts Supply and Demand Update” Hotel News Now

“Dry Ski Slopes: Indoor Skiing without Snow” Hotel Online

“Making Sense of Green Certifications in Lodging Facilities” Hotel Online

“Financing Your Indoor Waterpark Resort” Hotel News Now

“Outdoor Waterparks: Private vs. Municipal” Aquatics International

“Hotel Property Condition Assessments: The Basics” Hotel Online

“Dealing with an Economic Downturn: 10 Ideas for Hotels and Resorts” Hotel Online

“Appraisal & Market Analysis of Indoor Waterpark Resorts,” Waterpark Development and Expansion Guide

“Waterpark Resorts Top 10 by Revenue,” Waterpark Resorts Today Annual IT Book

“Economic Impact Studies Help Land Financing” Hotel Motel Management

“Unique Ways for Resorts to Radically Increase Revenue” Developments Magazine, an ARDA publication

“Analyzing the Impact of a New Hotel on Existing Properties,” AAHOA Lodging Business

“Trends in Hotel Management Contracts,” Cornell Hotel & Restaurant Quarterly

Peak Resorts, Inc.Sage HospitalityScott EnterprisesSix FlagsWhite Lodging ServicesWilderness ResortWinegardner and HammonsWyndham Hotels & Resorts

LendersBancorp SouthBank MidwestBank of AmericaBank of Nova ScotiaBMO Harris BankC-III Asset ManagementCapmark FinancialCapital One BankCIT Small Business LendingDeutsche BankEast West BankFifth Third BankGreenwich CapitalHuntington National BankInland CapitalIstar FinancialJP Morgan ChaseKey BankMidland States BankM&T BankPNC Financial ServicesPrudential Mortgage CompanyRockbridge Capital, Inc.Susquehanna BankUS BankWells Fargo

Management CompaniesAlliance Hospitality Inc.American Hospitality Management Boykin Lodging CompanyBrittain ResortsConcord Hospitality Enterprises CompanyDBG Enterprises, Inc.Landcor HospitalityLend Lease Asset Management, LLP

AttorneysBaker & HostetlerBluestone Law OfficesBritton Smith Peters & KalailBrindza, McIntyre & SeedGoldstein, Goldstein, Rikon & GottliebKeating, Muething and KlekampMcDonald Carano and Wilson McDonald HopkinsMurphy DesmondThompson HineWeiss, Berzowski, Brady & Donahue

OtherChoctaw Nation of OklahomaCincinnati USACity of Grand PrairieColumbus Regional Airport AuthorityFive Seasons Country ClubsIndiana University of PennsylvaniaMichigan State UniversityNottawaseppi Huron Band of PotawatomiOhio Department of TransportationSix FlagsStates Attorney of Cook CountyThe Trust for Public LandUniversity of Michigan

This is a partial list of the diverse client groups H&LA consultants have served: